TEN Announces Charter Extensions for Tankers

Thursday, June 12, 2008

Tsakos Energy Navigation Limited announced a two-year time-charter extensions for two Aframax product tankers to Neste Oil of , the original charterers. The charters are comprised of a minimum rate and 50:50 profit share if rates exceed that level. The charters, assuming only the minimum rate, are expected to generate gross revenues in excess of $42.5 million over the corresponding period. The vessels are expected to commence their new employment upon expiration of the existing charters in July and October of this year. In order to conform with the company's balanced employment strategy, a third sister vessel will enter the spot market.

Of TEN's 44 vessel operating fleet, 31 have flexible charters with the ability to take advantage of market peaks and enhance the fleet's earnings potential while 40 of these 44 vessels have fixed employment of various types that provide employment irrespective of market cycles.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

Libya's PFG to Lift Terminal Blockades

Petroleum Facilities Guard has blocked terminals for months. Ras Lanuf, Es Sider terminals damaged by fighting. Libya's Petroleum Facilities Guard (PFG) will

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

Asia Tankers-VLCC Rates to Hold, Ample Tonnage Weighs

"Pure" chartering market with little disruption. Rates to hold around W45 for Middle East; W48 for West Africa. Freight rates for very large crude carriers (VLCCs)

 
 
Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0621 sec (16 req/sec)